puerto rico: I have $40K in an IRA in Puerto Rico and will like to transfer this money to a Fidelity IRA.|||No, Puerto Rico is under a different taxing system than the mainland US. If you try to move the money, it will count as being liquidated, subject to tax, subject to the 10% penalty (if under 59.5 years of age) and when redeposited, limited to $5000 under the annual contribution rules (that is, fresh money).

Friday, March 9, 2012

I have $40K in an IRA in Puerto Rico and will like to transfer this money to a Fidelity IRA.|||No, Puerto Rico is under a different taxing system than the mainland US.

If you try to move the money, it will count as being liquidated, subject to tax, subject to the 10% penalty (if under 59.5 years of age) and when redeposited, limited to $5000 under the annual contribution rules (that is, fresh money).

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